“At the risk of looking foolish, we continue to ‘look through’ these data, believing the underlying, non-weather influenced trend of the economy is better,” Dan Greenhaus, chief global strategist at BTIG, wrote in a note.

Economists surveyed by the Journal anticipate U.S. growth will pick up after the weather moderates. They are also calling for fourth-quarter year-over-year growth of 2.8%, the best since 2010.

While recent market turbulence and alarming economic indicators have triggered growth fears on Wall Street, the economists in the survey put the odds of a recession at just 12%.